The Global Aerospace Coatings Market was valued at $1.90 billion in 2019 and is anticipated to reach $3.42 billion by 2030, expanding at a CAGR of 5.4% during the forecast period, from 2020 to 2030.
The global aerospace coatings market witnessed a volumetric sale of 598.5 kilotons in 2019, which is expected to reach 1,137.3 kilotons by 2030, expanding at a CAGR of 5.9% from 2020 to 2030.
Coatings for airplane pose a highly technical challenge for paint makers. These coatings not only improve the aesthetics of the airplane but also act as a barrier against the wind, rain, snow, and sun.
They provide protection against extreme and varying temperatures, ultraviolet exposure, erosion caused from air drag, and corrosion caused due to humidity. They also deflect the dust particles at high velocity and required to bear temperature ranging between -48˚F F and 120˚F.
Additionally, these coatings reduce the chances of cracks in the airplane due to changing air pressure and contact with fluids.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers in this market include:
PPG Industries, Inc.
The Sherwin-Williams Company< strong>IHI Ionbond AG
Hentzen Coatings, Inc.
Axalta Coating Systems Ltd
NV Specialty Coatings
The global aerospace coatings market is growing due to the increasing global trades and air travel. Surge in cargo traffic, preferences for air travel, increase in international trade, and rise in disposable incomes are propelling the market growth.
Also, increasing investments in the military aviation and defense sectors, specifically in emerging economies, are fuelling the market growth.
However, factors such as stringent regulatory standards regarding the use of certain chemicals, time-consuming verification processes, and high cost of raw materials are expected to hamper the aerospace coatings market. Conversely, growing demand for next-gen aircraft, increasing preference for light weight coatings, and ongoing R&D activities to reduce carbon foot prints are expected to create lucrative opportunities in the aerospace coatings market.
Market Segmentation and Scope of the Study:
The aerospace coatings market is segmented into resin type, technology, user type, application, end use industry, and geography. Based on resin type, the market is segmented into epoxy, polyurethane, and others. The others segment is sub-segmented into silicone, polyester, and acrylic. On the basis of technology, the market is divided into solvent-based coatings, water-based coatings, powder coating, and others.
Based on end use industry, the aerospace coatings market is categorized as commercial aviation, military aviation, and general aviation.
On the basis of application, the market is divided into exterior and interior. In terms of geography, the market is split into North America, Europe, Asia-Pacific, and Rest of the World (RoW).